China's largest oil and gas company, PetroChina (0857), reported on Sunday a 22 percent jump in first-half net profit, as higher oil prices and stronger fuel sales boosted earnings.
- H1 net profit attributable to shareholders rises 22 percent to 103.94 billion yuan (US$14.65 billion) from 84 billion yuan a year earlier.
- Revenue up 5.3 percent at 1.5 trillion yuan.
- Crude processing falls 5.6 percent year-on-year to 655.3 million barrels.
- Total gasoline, kerosene and diesel sales down 8.8 percent to 54.3 million metric tons.
- Gasoline sales fall 8.6 percent; diesel sales down 7.6 percent; aviation fuel sales drop 12.5 percent.
- Natural gas sales rise 3.9 percent to 161.22 billion cubic metres; domestic gas sales up 1.1 percent.
- Crude oil output falls 2.8 percent to 462.9 million barrels, while domestic natural gas production rises 2.4 percent; overseas gas production up 1.1 percent.
- Chemical products output increases 6.7 percent to 21.318 million tons, while new-materials output jumps 61.4 percent to 2.688 million tons.
- PetroChina says elevated oil prices linked to Middle East tensions accelerated adoption of alternative energy and weighed on gasoline and diesel consumption in China.
- Says domestic refined fuel demand will continue to face pressure from alternative energy and high oil prices, while natural gas demand is expected to recover steadily
- Hong Kong-listed shares have gained 28.5 percent this year, versus a 3.4 percent rise in the Hang Seng Index.
Reuters
